Most conventional ferromagnetic particles have a specific surface area of not more than 20 m.sup.2 /g. However, with the increasing demand for a magnetic recording medium having very high S/N ratio, very fine ferromagnetic particles having a specific surface area of 30 m.sup.2 /g or more have begun to be used on many occasions. It has been found that as the grain size of the ferromagnetic particles is reduced, the degree of orientation of the particles in the magnetic layer is decreased and the wear resistance of the magnetic layer impaired.